Exeter Chiefs chairman and chief executive Tony Rowe has predicted a bright future for the club after they reported another substantial profit for the last financial year.

The Chiefs posted a net profit of £630,399 last year following an outstanding first season in the top flight and they have backed that up with another "six-figure profit" for the most recent financial year with exact details yet to be released.

One of only four Premiership sides to record a profit for 2010-11 alongside Northampton, Leicester and Gloucester, the Chiefs impressed again both on and off the field last term with a fifth place finish in the Premiership and a set of accounts that serves to cement their status as one of the leading clubs in the country.

"It's been a great year for the club, but also a very busy one," Rowe told the club's AGM. "As a club we continue to go from strength to strength. On the playing side, we have made big strides forward with our qualification into the Heineken Cup this season, whilst off the field there has been a huge amount of work put in by a great number of people as we look at plans to redevelop Sandy Park further.

"We now have a great club here at Exeter, but it's one I genuinely believe will get even greater in the years to come."

As well as announcing the club's figures for the year, the Exeter board of directors were also able to confirm that the purchase of the Premiership Rugby 'P Shares' - which allows the club additional central funding - has now been completed from Championship outfit Leeds Carnegie for an undisclosed sum.

The board also confirmed that planning permission has now been secured for a new, state-of-the-art, three-pitch training facility at Oil Mill Lane, Clyst St Mary - and the planning application for the redevelopment of Sandy Park had now been submitted with city councillors and the club are hopeful of a positive outcome at the end of the month.